Microbix Biosystems Inc. (TSX:MBX) is pleased to announce today the closing of a private placement, resulting in the issue of 3,714,286 Common Shares at a price of $0.35 per share.
The financing was non-brokered. A total of 3,714,286 Common Shares were issued and 211,000 finders warrants were issued in connection with the private placement. Each finders warrant entitles the holder to purchase one common share at a price of $0.37 for a period of 18 months. A director of Microbix participated in the private placement.
The Company intends to use the proceeds of the private placement for general corporate purposes. William J. Gastle, CEO of Microbix said, "We felt it was prudent to strengthen our balance sheet while finalizing our partnering arrangements."